Ag markets proved quite mixed Monday

Export news affected the crop markets Monday. After declining Sunday night in reaction to the near-miss on northern Plains frost damage, corn futures seemed set to add to those losses today. That changed after a 120,000-tonne corn sale to Mexico was announced, but the poor showing on the Export Inspections report seemed to limit gains. December corn futures settled 4.5 cents higher at $3.43/bushel Monday, while May added 4.0 to $3.635.

The soy complex also responded to good export news. The lack of frost damage to the soybean crop in the northern Corn Belt also undercut CBOT soy prices Sunday night. However, news of another bean sale to China and a strong result on the Export Inspections report supported the soy complex. Soyoil posted a belated bullish response to Asian palm oil strength. November soybean futures bounced 4.25 cents to $9.895/bushel at Monday’s close, while October soyoil surged 0.72 cents to 33.24 cents/pound, and October soymeal edged up $0.3 to $338.8/ton.

The wheat markets remained under pressure. There was little news concerning the domestic wheat markets to start the week, but weekend news that Saudi Arabia bought 610,000 tonnes of wheat was more than offset by talk of a big increase in Russian production. December CBOT wheat slipped 1.75 cents to $5.0075/bushel as Monday trading ended, while December KC wheat tumbled 7.0 cents to $5.8625/bushel, and December MWE wheat dropped 9.5 to $5.685.

Cattle futures firmed Monday afternoon. The cash cattle markets belatedly traded around unchanged levels late last week, but big beef losses seemed to weigh on CME futures to start the week. On the other hand, the sizeable discounts already built into Chicago prices may have spurred the late comeback. October live cattle futures closed up 0.07 cents to 156.35 cents/pound Monday afternoon, while December futures skidded 0.22 to 159.02. Meanwhile, October feeder futures sank 0.08 cents to 225.85 cents/pound, while January feeders bounced 0.22 to 218.00.

Hog futures posted mixed closes. After spot markets turned mixed late last week, pork prices soared at midsession Monday. That surge probably powered the bounce posted by nearby October futures. However, concerns about the fourth-quarter outlook seemed to depress December prices. October hogs ended Monday having gained 0.37 cents to 106.07 cents/pound, whereas December sagged 0.45 to 95.85.